Just to add a rider to this discussion: An l/c without a unit price is very common in commodity finance as prices are not always known at time of issuance. An oil L/C will generally incorporate a clause which allows the stated value to be exceeded depending on the value of the oil (calculated per co...

Kim, The LOI effectively covers the carrier against releasing to the wrong party as he will be unaware who the holder of the b/l is at the time. I can't read that clause as an attempt to deny liability, otherwise what is the point in them taking an indemnity? A bit off topic, but it is common in cha...

I agree with Jeremy's response in relation to checking the B/L. As regards the clause itself it appears pretty harmless as the carrier is not attempting to deny liability for releasing cargo without b/l's (which is why he requires an indemnity).

Phil Gauntlett (back on the chain gang)